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Assignment : Identifying Entrepreneurial Opportunities

   

Added on  2020-10-23

16 Pages4015 Words176 Views
IdentifyingEntrepreneurialOpportunities

Table of ContentsINTRODUCTION...........................................................................................................................11. Sources that inspire the new business idea and motivated for set up a new business........12. Introduction of business idea, finding potential and targeted audience for the product.....33. Competitor analysis which looks at the competitive marketplace.....................................34. Gap analysis for closing the gaps.......................................................................................55. Market research for supporting the viability of the new business idea..............................66. Viability and feasibility of business idea, strength and weakness of business.................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14

INTRODUCTIONEntrepreneurial opportunities refers to the situations in which the products and services ofa firm can be sold by the entrepreneur at prices which are comparatively more than theproduction cost. Entrepreneur needs to determine such situations in order to improve theproductivity and profitability of their business. The taken firm in this assignment report isBluelight technologies who is going to introduce a new selfie drone. This report will discuss thesources that inspired the idea of selfie drones along with the introduction of business idea,potential customers and target audience. Further this report will also cover the competitoranalysis and Gap analysis for looking at the competition and to look for gaps. Further Marketresearch to support viability of business idea and to identify market potential using a range ofprimary and secondary sources will be discussed also in this report. In the last, recommendationswill be provided to overcome the risks and the potential opportunities for growth anddevelopment in the future.1. Sources that inspire the new business idea and motivated for set up a new businessNew ideas for business is developed with the help of new trends in the market andbusiness conditions. The entrepreneurs receive the new bu8siness idea from the different sourcesthat can be online or manually (Elenurm, 2012). The concept of introducing this businessventure is developed by Drucker's in his famous book “Innovation and Entrepreneurship” thatexplains the sources of innovation that are as follows:The Unexpected: The world is full of amazement and these amazements may lead thebusiness to success or failure depending on the situations. Unpredicted success andfailure both are regarded by the business venture as opportunity in the market.Unanticipated situations in the business environment can be highly powerful to motivateleaders and innovators to get various position to a specific situation. This assist BluelightTechnology to attain the benefit of opportunities that emerges with unpredictedtechnological changes in the business market.Incongruities: the business activities define the success and failure of the business andthe services according to the needs of the customers. Correct research needs to beconducted before presenting a product for deciding what the costumers need in theproduct. these reviews and complaints are best manner to find out incongruity. It will1

help Bluelight Technology for introducing their new product in the market according tothe use of the customers. Process Needs: This point of invention is stated by Drucker's as to be task centred insteadof the situation-focused in the business environment. Opportunities and innovation isrequired to be properly examined to determine weak and strong parts of business.Predetermination assist to better the presentation and leads to the success of businessorganisation. After, examining the weak links after elaborate assessment of the BluelightTechnology's ability, team will be able to make more effectual and innovative methods. Industry and market structure change: Stableness in the business enterprise may stayfor long time but technical improvement may demolish an industry nearly in overnight.In the past years it is evaluated that technology is dynamic in nature and is changing in avery fast pace. So, leaders are required to keep eye on these modification. Assessment ofthe change in technology industry will lead to help the Bluelight Technology by changingthreats into possibility for the new business opportunity. Demographic: the changes in the demographic area will result in creating many changesin the business environment. This alteration affects the re for the product, who is buyingthe product and qualities of the product on the basis of which it is bought. Demographicchanges occur due to factors like age, education, employment, etc. affects the businessand provides new opportunity. This change helps Bluelight Technology to present theirproduct to the customers who demand high-tech products for their use. Change in Perception: there is significant change in business environment over a periodof time in the way that customers comprehend the world (Grégoire and Shepherd, 2012).These days the technological change in social networks are getting powerful and isleading to changes on a faster pace. This will assistBluelight Technology to present theirprogressive product which is particularly planned as per consumers needs. New Knowledge: Knowledge assist in presenting innovative product in most efficaciousmanner. Changes need to be native to meet the demands and preferences of thecostumers. Utilisation of new technology will assist Bluelight Technology to gain benefitthrough new business possibility in the market. All these sources tower company to find new business opportunities and presenting newproduct to the costumers by critically examining the demand for the product. 2

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